If you are a veteran pursuing the American dream of homeownership, with no money down, it is still possible.
Since its creation in 1946, the Veterans Administration home mortgage program shows how well the federal government can work with the private sector to expand homeownership opportunities.VA loans can be made for as much as $184,000, so veterans can still be buyers even in high-cost real estate markets - with no down payment.
The higher loan limits came from Ginnie Mae, which secures most VA loans. Ginnie Mae is also known as the Government National Mortgage Association, the quasi-private lending agency created by Congress.
"The VA program is not being used anywhere near the way it should considering no other program allows you to get into a house with no cash," said Greg Sachs, first vice president with Margaretten & Co. Inc., one of the nation's largest mortgage bankers.
Originally, VA loan benefits could be used only once. "Even though the new rule is a full 10 years old, it still is not widely known that you can use the VA benefits more than once. In fact, you can use your VA loan benefit as many times as you like, providing you have disposed of the old VA loan," Sachs said.